In this (below) script, one can plt ATR Keltner Channel Bands - which I use in my trading.
I use 20 EMA, with 1 ATR to provide bands around the current EMA.
My strategy is to use the Lower 1 (LONG) or Upper 1 (SHORT) as my stop, as the default and I want to input my RISK as a $ amount:
Example: In current code below - there would be a RISK: [$1,000]
Using the existing code, it would calculate the difference between the current price and the Lower 1 and Upper 1 Channel Band, and show on the chart the number of shares that should be purchased LONG or SHOT at that RISK:
The original source code is below:
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © ceyhun
//@version=4
study(title="Keltner Channels Bands ", shorttitle="KCB", overlay=true)
length = input(20, minval=1)
alen = input(10,minval=1,title="Atr Length")
mult = input(1.0)
src = input(close, title="Source")
ma = ema(src, length)
KTop1 = ma + 1 * atr(alen)
KBot1 = ma - 1 * atr(alen)
KTop2 = ma + 2 * atr(alen)
KBot2 = ma - 2 * atr(alen)
KTop3 = ma + 3 * atr(alen)
KBot3 = ma - 3 * atr(alen)
a= color.green
b= color.red
c= color.blue
k= color.black
plot(ma, color=k, title="Basis")
d=plot(KTop1,color=a,title="Upper 1")
e=plot(KBot1,color=a,title="Lower 1")
fill(d,e, color=a)
f=plot(KTop2,color=b,title="Upper 2")
g=plot(KBot2,color=b,title="Lower 2")
fill(f,g, color=b)
h=plot(KTop3,color=c,title="Upper 3")
j=plot(KBot3,color=c,title="Lower 3")
fill(h,j, color=c)
EXAMPLE USER STORY:
It is showing in the top the estimated shares based on current price and Upper 1 and Lower 1 bands for that time frame.
https://www.dropbox.com/s/0eow43lbcw053 ... 1.png?dl=0
